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US stocks open higher on Chinese inflation data, oil

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[NEW YORK] Wall Street stocks opened higher Tuesday, joining a global equities rally following reassuring Chinese inflation data and a gain in oil prices.

Producer prices in China dropped at their slowest rate in 16 months in April, while consumer prices climbed 2.3 per cent, in a positive sign for the world's second-largest economy.

Analysts said sentiment was also lifted by a gain in oil prices.

Five minutes into trade, the Dow Jones Industrial Average was at 17,814.12, up 0.6 per cent.

The broad-based S&P 500 rose 0.5 per cent to 2,069.24, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 4,766.91.

AFP